Down payment, how much?

[2012ZL1]

Paying in full, cash, cheque, whateveryou want to call it...no loans

[hairtrigger]

Originally Posted by 2012ZL1

Paying in full, cash, cheque, whateveryou want to call it...no loans

Same here.

[shockandawe]

I will pay cash, then again I may buy a CTS V, an ATS V or a new Corvette when they come out. I will not rush into purchashing the ZL1. I want to make sure I get the most bank for my buck! Anybody who pays $500 to $800 a month for 60 months has to be crazy like a fox! That payment gets old real fast and then your left wondering why the hell did I do this?

[ex-SS-ve]

Originally Posted by MY68RS

Thats the way to do it for sure. How many cars do you own presently just curious?

3 at the moment. Plan on keeping my 2010 ss when the zl1 shows up. Too many good memories and sentimental value for it to go.

[b4z]

Originally Posted by daveagogo1

I guess i will say it. If you are really worried about the payment difference between say $500 and $800 a month then you are way overspending IMO. That's $75 a week extra. If your budget is too tough to handle that then this is not the car for you or any other 50 - 60k car.

When your still working at the age of 75 as a Walmart greeter to make ends meet you will think back and say man i should have saved my money instead of buying that old ZL1 back in the day.

I couldn't disagree with you more. That is a huuuuuuge difference in payments. Every single one of us should worry about the $300 a month.
$333mo X 12 mos X 40 years X 7% is $ 1.1M.

[cyrusthevirus]

all i can say is im focusing on getting this for invoice as close as possible.

[Blackkaz04]

Originally Posted by b4z

I couldn't disagree with you more. That is a huuuuuuge difference in payments. Every single one of us should worry about the $300 a month.
$333mo X 12 mos X 40 years X 7% is $ 1.1M.

exactly...there is a big difference between a 500 a month payment and 800 a month for a car.

[Z4me]

Originally Posted by MY68RS

So still a little confused here. You are using your house equity for collateral
on your credit (bank) loan? I have never heard of a line of credit of any sort without some sort of collateral involved.

Ok I'll try and explain better about the home equity. I own a house and I
make payments on it, and I have equity in it (value above the loan value
left to pay it off). Lets say my house is worth on today's market 300k and
my mortgage that I need to pay off is 100k left. So if I went to sell the house
after the costs of selling might come to 180k in profit. My banker says ok
I can give you a loan due to your equity value in your house (180K). I'm
sure when they did the loan process they also checked my credit score
as well. They tell me you have been approved for a credit equity loan of
"X" amount of dollars. This is kinda like a credit card in some ways which are I can withdraw up a certain amount of "X" dollars at a very low interest rate (something like 1.5% I have to check with my bank for the current
rate).

Now here's where the differences are with the home equity versus a credit
card come in. A credit card does not charge any interest if you pay it off
before the due date. But if you are late in paying or do not pay the who amount due then you get hit with a heavy penalty charge. But on the home equity loan if you pay just the portion of the loan that is due at that
time there is no penalty. Also since this is basically treated as a second
mortgage you get a tax write off on the interest your paying on that loan.
Plus with a home equity loan you can make larger payments each month
then they are requesting which I plan to do. I have done this several times
in the past and has worked out very for me.

Now that being said a home equity loan should be taken out with caution.
First to get one in most cases you need to own a property (something
of value that you have equity in it). You get that loan its against that
said piece of property if you loose your job or the value of your house drops in value in like half and are under water. Then you take a home equity loan out to live off of then your creating a situation of default on
your home equity loan if you run out of funds. The bank could than go after your home which is not good. So you have to be carefull and make sure to use that loan.

A typical loan from a car dealership has a loan rate a little higher then a home equity loan lets say 3% or more depending out your credit rating (risk). But with a loan from the dealership if you default on your car
payments the dealer then can go and get your car from you. But theycan't touch your house, so they are taking a risk that your a good prospect for that loan by getting a credit check.

Speaking of credit cards as I'm sure you have heard time and time again
always pay off your credit card in full and avoid paying penalties. But with
credit cards you can use them to your advantage as well. I normally use
a couple credits through my business that give me airline miles. I pay
the cards off each month through my business and have use the miles to
travel basically for free. I also picked up a GM card earlier this year and
this will give me some money back to use towards the purchase of my ZL1.

Long post I know but you asked so there it is.

[cyrusthevirus]

So basically your best bet is not to get a loan through the dealer.. I want to avoid interest at all costs

Originally Posted by Z4me

Ok I'll try and explain better about the home equity. I own a house and I
make payments on it, and I have equity in it (value above the loan value
left to pay it off). Lets say my house is worth on today's market 300k and
my mortgage that I need to pay off is 100k left. So if I went to sell the house
after the costs of selling might come to 180k in profit. My banker says ok
I can give you a loan due to your equity value in your house (180K). I'm
sure when they did the loan process they also checked my credit score
as well. They tell me you have been approved for a credit equity loan of
"X" amount of dollars. This is kinda like a credit card in some ways which are I can withdraw up a certain amount of "X" dollars at a very low interest rate (something like 1.5% I have to check with my bank for the current
rate).

Now here's where the differences are with the home equity versus a credit
card come in. A credit card does not charge any interest if you pay it off
before the due date. But if you are late in paying or do not pay the who amount due then you get hit with a heavy penalty charge. But on the home equity loan if you pay just the portion of the loan that is due at that
time there is no penalty. Also since this is basically treated as a second
mortgage you get a tax write off on the interest your paying on that loan.
Plus with a home equity loan you can make larger payments each month
then they are requesting which I plan to do. I have done this several times
in the past and has worked out very for me.

Now that being said a home equity loan should be taken out with caution.
First to get one in most cases you need to own a property (something
of value that you have equity in it). You get that loan its against that
said piece of property if you loose your job or the value of your house drops in value in like half and are under water. Then you take a home equity loan out to live off of then your creating a situation of default on
your home equity loan if you run out of funds. The bank could than go after your home which is not good. So you have to be carefull and make sure to use that loan.

A typical loan from a car dealership has a loan rate a little higher then a home equity loan lets say 3% or more depending out your credit rating (risk). But with a loan from the dealership if you default on your car
payments the dealer then can go and get your car from you. But theycan't touch your house, so they are taking a risk that your a good prospect for that loan by getting a credit check.

Speaking of credit cards as I'm sure you have heard time and time again
always pay off your credit card in full and avoid paying penalties. But with
credit cards you can use them to your advantage as well. I normally use
a couple credits through my business that give me airline miles. I pay
the cards off each month through my business and have use the miles to
travel basically for free. I also picked up a GM card earlier this year and
this will give me some money back to use towards the purchase of my ZL1.

Long post I know but you asked so there it is.

[GoldenBear]

It depends on the interest rate that I can obtain for an auto loan for the ZL1. If the loan rate is lower than the current rate of return I can get on my money, I will finance a good portion of the ZL1. If the loan interest rate is higher than the current rate of return I can get on my money I will pay cash for the ZL1. In other words, it comes down to the opportunity cost of the money that will be used to purchase the ZL1.

[cyrusthevirus]

i plan on dropping 20-30k thats including my current car on trade-in or if i sell it

[fiascoes1]

Originally Posted by ex-SS-ve

one time down payment of 60k , cutting a check for it soon as it shows up on the lot. . did it with every other car i have in my collection.

Wow I am so jealous, wish I was you congrats

[Black8]

Originally Posted by fiascoes1

Wow I am so jealous, wish I was you congrats

Indeed I second that!

[Z4me]

Originally Posted by cyrusthevirus

So basically your best bet is not to get a loan through the dealer.. I want to avoid interest at all costs

Well it depends really on the situation. If your young and trying to establish a credit score then a car loan through a dealer is an excellant way to do so. It's well worth the extra percent or two to go with a dealer. As long as they will provide you with a loan
and they don't rake you over the coals to much on the interst rate. But if your young living still at home and don't have alot of obligations then thats a good option.

If you already have a good credit score and have other options that
will allow you a lower rate then I would go in that direction.

For me I just am at the point in my life that I just don't want to go
and fill out all the paper work at the dealers. I would rather hand them
a check for the whole amount and get the keys as soon as possible.

Also I would recommend that every one should know what there
credit score, and if they don't know. There are a number of companies
that would charge very little like $10 or $15 to have it done. Some
companies will do it one time for free, but you have to get on line
and search the net.